The _____ rate of unemployment represents the level of unemployment that exists when the economy is at full employment, excluding cyclical factors.

The term you are looking for is the "natural rate of unemployment. " This rate reflects the level of unemployment that occurs when the economy is healthy and functioning well, without being affected by temporary economic downturns. It includes frictional unemployment, which is when people are between jobs or just entering the workforce, and structural unemployment, which happens when there is a mismatch between workers' skills and job requirements. For example, if an economy has a natural rate of unemployment of 5%, it means that even when the economy is doing well, about 5% of people are unemployed due to normal job changes or shifts in the job market. Understanding this rate helps economists gauge how well the economy is performing overall.